Sale of Barclays Africa hits headwinds

Two potential suitors for some of Barclays Africa’s assets are reportedly pulling back from investing in the financial services company according to Bloomberg. South Africa’s Public Investment Corporation, manager of the country’s Government’s Employees Fund, was looking to gather a group of black shareholders to buy a stake in the company who are now struggling to raise financing. The Abraaj Group, which was preparing another bid, is losing interest, according to unnamed sources and have allowed an exclusivity agreement to lapse. Bloomberg reports that the pullbacks mean Barclays could sell down its stake via a share sale in May 2017.